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Northern Oil and Gas, Inc. USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Non-operated working-interest portfolio across major North American oil and gas basins.

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_NOG

Price chart

20.79 USDDay 1.81%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
20.79 USD · 1.81%
Market cap
2.2 bn USD

Growth

Δ revenue y/y
-99.2%
Δ EBITDA y/y
-250.6%

Multiples

P/E (LTM)
56.7x
3y avg: 23.5x
P/B (FY)
1.0x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
3y avg: 4.0x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
8.7%
FCF yield (LTM)
-11.0%

Liquidity

Daily turnover (US listing)
48.3 mln USD

Shares: sec_companyfacts/1104485

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 8 / Err: 3 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2024-03-31 Q1⚠Warn 2
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1✗Errors 1Warn 2
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3✗Errors 2Warn 1
2025-12-31 FY⚠Warn 1
2026-03-31 Q1✗Errors 6Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK5.0
y/y -99.2%
-654.9
y/y -385.6%
0.0
y/y -100.0%
-654.9
y/y -250.6%
-522.8
y/y -476.2%
323.6-634.75514.8
y/y -2.8%
1784.4
y/y -25.7%
-107.0%2514.5Link
2025-12-31Q4 2025 (3M)OK610.2
y/y 18.5%
-33.8
y/y -125.5%
204.1
y/y -0.3%
170.2
y/y -49.5%
-70.7
y/y -198.6%
312.6-308.15409.4
y/y -3.5%
2126.3
y/y -8.4%
1.8%2381.1Link
2025-09-30Q3 2025 (3M)OK556.6
y/y -26.1%
-125.8
y/y -129.0%
199.4
y/y 7.4%
73.6
y/y -88.1%
-129.1
y/y -143.2%
423.1-352.65494.2
y/y 8.7%
2244.4
y/y -3.0%
-7.4%2314.2Link
2025-06-30Q2 2025 (3M)OK706.8
y/y 26.0%
176.2
y/y -19.5%
205.7
y/y 16.5%
381.9
y/y -3.4%
99.6
y/y -28.1%
362.1-327.35702.5
y/y 20.7%
2413.0
y/y 16.7%
16.5%2340.1Link
2025-03-31Q1 2025 (3M)OK602.1
y/y 51.9%
229.3
y/y 338.2%
205.7
y/y 18.2%
435.0
y/y 92.2%
139.0
y/y 1097.5%
407.4-264.65674.6
y/y 22.5%
2402.1
y/y 20.0%
23.5%2276.9Link
2024-12-31Q4 2024 (3M)OK515.0
y/y —
132.6
y/y —
204.7
y/y —
337.3
y/y —
71.7
y/y —
290.3-662.65603.8
y/y 25.0%
2320.4
y/y 13.3%
22.5%2360.4Link
2024-09-30Q3 2024 (3M)OK753.6
y/y 140.0%
433.9
y/y 922.5%
185.7
y/y 38.8%
619.6
y/y 251.6%
298.4
y/y 1043.0%
385.8-381.95055.3
y/y 17.4%
2313.5
y/y 64.3%
18.2%1918.7Link
2024-06-30Q2 2024 (3M)OK560.8
y/y —
218.9
y/y —
176.6
y/y —
395.5
y/y —
138.6
y/y —
340.5-223.24724.7
y/y —
2068.3
y/y —
27.2%1867.1Link
2024-03-31Q1 2024 (3M)OK396.3
y/y —
52.3
y/y —
174.0
y/y —
226.3
y/y —
11.6
y/y —
392.1-407.14633.8
y/y —
2002.0
y/y —
2.3%1906.3Link
2023-12-31FY 2023 (12M)OK2166.3
y/y —
1121.9
y/y —
486.0
y/y —
1607.9
y/y —
923.0
y/y —
342.4-1862.34484.3
y/y —
2047.7
y/y —
53.4%1827.4Link
2023-09-30Q3 2023 (3M)OK314.0
y/y —
42.4
y/y —
133.8
y/y —
176.2
y/y —
26.1
y/y —
263.9-612.84304.7
y/y —
1407.8
y/y —
—2044.4Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
378.48 mln boe
2024
Reserve life (R/P)
17.1 yrs
reserves ÷ annual output
Annual production
22.10 mln boe
2024

Production, mln boe

5.9420155.0020165.4020179.33201814.09201912.11202019.63202127.56202236.07202322.1020240.0420250.012026

Proved reserves

YearReserves, mln boe
2024378.48
2023339.69
2022330.81
2021287.68
2020122.63
2019163.31
2018135.48
201775.83
2016540.81 *

Production

YearProduction, mln boeper day
20260.01 *37.0
20250.04 *100.0
202422.10
−38.7%		60 559
202336.07
+30.9%		98 822
202227.56
+40.4%		75 511
202119.63
+62.2%		53 792
202012.11
−14.1%		33 169
201914.09
+51.1%		38 604
20189.3325 555

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-200%0%200%2023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

EV/EBITDA — daily history

Current 4.3x · 3-year average 3.7x

EV/EBITDA3-year average

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

135.0132.3129.5126.7123.920242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 7.8 yr

384.1383.1382.2381.2380.320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31135384.1——
2024-12-31123.9380.3——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
2 307 USDm
+23.3% vs LTM
Spot 12M EBITDA
582 USDm
+146.9% vs LTM
EV / Spot EBITDA
8.1x
current EV 4 714m ÷ spot EBITDA 582m
Upside to fair mcap
-141.1%
fair mcap -960 USDm
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)1 871 USDm
LTM EBITDA (last 4 quarters)236 USDm
Baseline cash costs (revenue − EBITDA)1 635 USDm
Revenue mix: oil / gas / NGL / other81.4% / 18.6% / 0.0% / 0.0%
· Crude oil1 635 USDm (81.4% of implied)
· Natural gas373 USDm (18.6% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 95.00 · LTM avg 72.84 · 3y avg — → spot move +30.4%
Gas — spot & 3y avg vs LTMspot 3.14 · LTM avg 3.41 · 3y avg — → spot move -7.8%
NGL — spot & 3y avg vs LTMspot 5 967.50 · LTM avg 4 983.59 · 3y avg — → spot move +19.7%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.055
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)1 725 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue2 307 USDm
= Spot EBITDA582 USDm
= EBITDA at 3y avg commodity prices132 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)4 714 USDm
EV ÷ Spot EBITDA8.1x
6 · Fair value & upside
Conservative used EBITDA × 3y average EV/EBITDA → fair market cap.
EBITDA at 3y avg commodity prices132 USDm
= Conservative used EBITDA357 USDm
3y average EV/EBITDA (fair multiple)4.0x
= Fair enterprise value1 421 USDm
Net debt (balance sheet)2 381 USDm
= Fair market cap-960 USDm
Current market cap (implied)2 333 USDm
= Upside to fair mcap-141.1%

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 average daily production and year-end 2025 proved reserves per NOG FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)135
Proved reserves (net, MMboe)384.1

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1, Net Production / Average Sales Prices table (nog-20251231.htm). NOG bundles NGLs into 'Natural Gas and NGLs' volumes/prices in this table, so NGLs are reported with gas; NGL volume/price are not broken out separately and therefore omitted.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil27.6 MMBbls59.20 USD/bbl1,634.681.4%
Natural gas130,084 MMcf2.87 USD/Mcf373.318.6%
Total (implied product revenue)2,007.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,475.7USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative61.3USD mln
Impairment — oil & gas properties702.7USD mln
Income tax expense (benefit)23.9USD mln
Total costs and expenses (consolidated)2,229.9USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 approximations derived from FY2025 release: production +9% YoY; proved reserves +1% YoY.

Line itemAmount
Crude oil equivalent (net, Mboe/d)123.9
Proved reserves (net, MMboe)380.3

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,225.7USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative50.5USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)160.5USD mln
Total costs and expenses (consolidated)1,387.9USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,166.3USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative46.8USD mln
Interest expense135.7USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)77.8USD mln
Total costs and expenses (consolidated)1,044.4USD mln

Primary SEC filing for this FY (HTML)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-300.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-12-300.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-09-290.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-06-270.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-03-280.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2024-12-300.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2024-09-270.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2024-06-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2024-03-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-12-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-09-270.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2023-06-280.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2023-03-290.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-12-280.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-09-280.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-06-280.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2022-03-290.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2021-12-290.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2021-09-290.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2021-06-290.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ir.northernoil.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)